Are you Turning 65 soon? Watch this video. Medicare 101
Medicare Part B is a component of the federal government’s Medicare program that covers a range of medically necessary services and supplies, such as doctor’s visits, outpatient care, preventive services, and medical equipment.
Part B is optional for beneficiaries and requires payment of a monthly premium determined by income. Part B covers a variety of medical services and supplies, including:
- Doctor visits: Part B covers visits to doctors, physician assistants, nurse practitioners, and other healthcare providers.
- Outpatient services: Part B covers outpatient services, such as laboratory tests, X-rays, and other diagnostic tests.
- Preventive services: Part B covers preventive services, including screenings for cancer, diabetes, and other conditions.
- Medical equipment and supplies: Part B covers durable medical equipment (DME) such as wheelchairs, walkers, and hospital beds, as well as prosthetic devices and other supplies.
- Ambulance services: Part B covers ambulance services when deemed medically necessary.
- Physical and occupational therapy: Part B covers physical and occupational therapy services, including speech therapy.
- Home healthcare: Part B covers home healthcare services, including skilled nursing care and therapy.
Medicare Part B is an important component of the Medicare program, as it covers a wide range of medically necessary services and supplies for maintaining beneficiaries’ health and well-being.
While Part B is optional, there could be consequences for not taking it.
If you decide not to take Part B of Medicare when you are first eligible, you may be penalized 10% per year that you go without it. If you are still working and your employer offers creditable insurance coverage, you can keep your current coverage and not be penalized.
For 2024, the Medicare Part B premium is $174.70 a month.
*You may pay more for Medicare if you are single and make more than $103k/year or $206k/year for a married couple. This is based on your modified adjusted gross income from 2 years prior.
Part B of Medicare covers outpatient care, such as doctor visits, emergency room trips, lab work, and MRIs.
Before Medicare pays anything, you must meet an annual deductible, which in 2024 will be $240.
After that, Medicare will pay 80% of approved charges, and you will be responsible for 20% of approved charges.
There is no cap on how much you can spend on your 20% of charges.
Be sure to pick up a supplement plan to cover these charges.
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